Construction work on the OMR 962,625 million ($ 2.5 billion) Omagine, which is a mixed-use tourism and real estate project, will begin in 2017 over a 1 million square meter beachfront area, Trade Arabia reported quoting a report.

 

The project, which is due to be completed by 2024, will have 7 pearl-shaped buildings, which will include hotels, offices, residences, and will be located in Seeb, according to Times of Oman quoting the Ministry of Tourism.

 

The project is being developed by Omagine, which is a subsidiary of the US-based Omagine Inc, with Consolidated Contractors International Company (CCIC), CCC-Oman and Royal Court Affairs (RCA) as shareholders.

 

The fall in oil prices, globally has prompted project managers to seek further funding, according to Omagine Chairman, Frank J Drohan said in a report.

 

“We are in advanced discussions with several institutional and private entities in the US, Europe and China to finance the project as a quite rational response to the present regional banking environment,” he announced.

 

Longer term project finance will be needed following completion of the detailed master-planning and architectural design, he added.

 

“And that is the reason we are working hard on many fronts with Consolidated Contractors Company (CCC) and other investors in Oman and the GCC, Europe, the US and China to make that happen,” he said.

 

The master-planned  project will have 3 hotels, including chalets and serviced apartments, a boutique mall, an open air amphitheater, exhibition venues, a harbor and marina area, offices besides more than 2,000 residences and a large number of cafes, restaurants and entertainment venues.